An anonymous director reports

STORM EXPLORATION CLOSES NON-BROKERED PRIVATE PLACEMENT

Storm Exploration Inc. has closed the company's non-brokered private placement, previously announced on March 14, 2024. The closing is subject to final acceptance of the TSX Venture Exchange.

Pursuant to the offering, the company has issued 6.21 million units at a price of five cents per unit for aggregate gross proceeds of $310,500. Each unit consists of one common share of the company and one-half warrant, with each whole warrant entitling the holder thereof to acquire an additional common share of the company at an exercise price of 7.5 cents per warrant share for a period of 36 months from the date of issuance. Officers and directors of the company subscribed for a total of 1.3 million units for a total of $65,000.

In connection with the closing of the offering, Storm Exploration has paid aggregate cash finders' fees of $10,740 to arm's-length finders, representing 6 per cent of the proceeds raised from subscriptions by certain placees introduced by the finders. The company has issued to the finders 214,800 non-transferable share purchase warrants entitling the purchase of an aggregate 214,800 common shares on the same terms as the warrants.

The shares acquired by the placees under the offering and any shares that may be acquired upon the exercise of the warrants and the finder warrants are subject to a hold period of four months and one day, in accordance with applicable Canadian securities legislation.

The proceeds from the offering will be used for general working capital purposes.

Two related parties (as such term is defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions) participated in the offering and acquired an aggregate of 1.3 million units. This portion of the offering constituted a related party transaction for the purposes of TSX Venture Exchange Policy 5.9 and MI 61-101. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction insofar as the transaction involved interested parties did not exceed 25 per cent of the company's market capitalization.

About Storm Exploration Inc.

Storm Exploration is a Canadian mineral exploration company focused on the discovery and development of economic precious metal and base metal deposits on four district-scale projects in Northwestern Ontario: Miminiska, Keezhik, Attwood and Gold Standard.

We seek Safe Harbor.